Relx reports robust first-half growth
By Josh White
Date: Thursday 25 Jul 2024
(Sharecast News) - Business information specialist Relx reported a robust set of first-half results on Thursday, underscoring strong underlying growth and reaffirming its positive full-year outlook.
The FTSE 100 company posted revenue of £4.64bn for the six months ended 30 June, reflecting underlying growth of 7% compared to the same period last year.
Adjusted operating profit for the period increased to £1.58bn, up 10% on an underlying basis, while adjusted earnings per share rose 10% to 59.5p at constant currency.
Reported operating profit reached £1.43bn, with reported earnings per share climbing to 52.6p from 46p.
Relx announced an interim dividend of 18.2p, a 7% increase from the prior year's half-year distribution.
The company maintained a net debt-to-EBITDA ratio of 2.0x and achieved a 95% adjusted cash flow conversion rate.
In the first half, Relx completed two acquisitions totaling £61m, and progressed £700m of its planned £1bn share buyback.
Looking ahead, Relx said it expected continued positive momentum across its business segments, projecting strong underlying growth in revenue, adjusted operating profit, and adjusted earnings per share for the full year on a constant currency basis.
"Relx delivered strong revenue and profit growth in the first half of 2024," said chief executive officer Erik Engstrom.
"Our improving long-term growth trajectory continues to be driven by the ongoing shift in business mix towards higher growth analytics and decision tools that deliver enhanced value to our customers across market segments."
Engstrom said the company was developing and deploying those tools across the company by leveraging customer understanding to combine leading content and data sets with artificial intelligence and other technologies.
"This has been a key driver of the evolution of our business for well over a decade, and will remain a key driver of customer value and growth in our business for many years to come."
At 0929 BST, shares in Relx were up 1.06% at 3,519p.
Reporting by Josh White for Sharecast.com.
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